I am wondering how full and final settlements work - I am just into year 3 of IVA I owed £28000 and monthly payment is £165. How much is reasonable to offer and would this this have to include fees ? I'm In a shared ownership property with equity and am going go ask the HOUSING ASSOCIATION to buy back some of my share so I can get out of the IVA. Havnt a clue where to start with figures
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Martin.30
I am wondering how full and final settlements work - I am just into year 3 of IVA I owed £28000 and monthly payment is £165. How much is reasonable to offer and would this this have to include fees ? I'm In a shared ownership property with equity and am going go ask the HOUSING ASSOCIATION to buy back some of my share so I can get out of the IVA. Havnt a clue where to start with figures
starting point would be months remaining x monthly payment (I don't know about equity but their going to want something)
for you 24 x 165 = £3960
add say 1 year in leu of equity = £1980
Total ~£6000
like I say I'm not sure about equity, my suggestion could be way off the mark
Hi. Being in shared ownership with an HA I doubt you would be able to release any equity in any event. I assume your IP knew this when you entered into the IVA and tailored the proposal accordingly.
What does your equity release clause say ?
Equity apart, yes, you would be looking at months remaining x current monthly amount.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Why would you want to effectively lose your home ownership to clear the IVA. Are you struggling with the payments because if not personally I would continue on for the remainder of the IVA term?
It was written into the terms that I would not be able to remortgage so effectively this will be a 6 year IVA so would I calculate payments accordingly ?
It happens that I have a large chunk of equity in my half of the house (around 30 K
)
I am in breach of IVA terms for taking out additional credit, completely foolish as I am, and am trying to find a way around it
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by mazzamac
It happens that I have a large chunk of equity in my half of the house (around 30 K
)
I am in breach of IVA terms for taking out additional credit, completely foolish as I am, and am trying to find a way around it
A full and final doesn't deal with the breach, I think you need to address that first, then discuss full and final options with your IP.
Your IP may be able to reduce your payments (I presume you borrowed because your were short day to day), this could have an impact on a full and final
spoken to the IP they say a payment break is unlikely to work as the amounts are so high wouldnt be able to clear it in 6 months:(
IVA failure and Bankruptcy are likely
IVA failure does not mean automatic bankruptcy. You can do another IVA or a DMP when this happens. It may even be possible to try and salvage this IVA by bringing in the new creditors. Neither they nor the existing creditors would benefit from bankruptcy so hopefully your IP can sort this out.
